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ISELECTING THAT GREAT TENANT by Kari Negri | SKY Properties, Inc.
t is often said that there are only two times when The second step is to have rental policies and rental housing providers get into trouble selecting standards that all tenants must abide by. For renters: (i) when they are rushing to rent quickly, example, set an appropriate income level for your and (ii) when they take pity upon an applicant. building. Examples include requiring minimum When choosing your renters, always remember credit scores, or three-times (3x) income of the to rent to someone who can and will pay your monthly rental amount. Only offer reasonable rent on time, tend to their civic duties, and take accommodations when appropriate. For example, if
appropriate care of their homes. As a rule of thumb, a prospective renter does not earn three-times the it is better to have no tenant than a bad tenant. There rent but has other assets (e.g., substantial savings is another problem you may face but it is unpopular account), you may wish to relax your requirements to state aloud, so I will “not” mention that renting to and though I do not really recommend doing this, in
a family member or a friend is an unbelievably bad idea.
There are some basic steps you can follow for selecting a great tenant. The first step includes validating everything they have provided on their application. Validate information such as phone numbers (call their work number and ask for them) and addresses (e.g., Does their driver’s license and utility bill have the same name and address as the application?). If you cannot verify the information by matching a utility bill to the address on a prospect’s application or find inconsistencies matching their paystub net pay to their bank deposits, those are grounds for rejection in my experience.
some cases, an accommodation may be required by law (e.g., Section 8 or other rental voucher holders). It is fine to refuse to accept a tenant who has been evicted or owes money to a housing provider or has had a past with convictions related to illegal activities such as drugs or violence.
Additionally, make sure any applications you receive have been filled out completely. If the application is not filled out to your satisfaction, the application may be returned to the applicant to be properly completed in its entirety. Before accepting an application, glance through it to make sure none of the required information is missing. All areas must be filled out, checked, or have “not applicable” noted. You do not
ABOUT KARI NEGRI -- Name any aspect of the complex world of property management and Kari Negri has been at the forefront, forging new ground, fighting for the rights of property owners and tenants alike, adding value, and making a significant difference. With a strong background in management, Kari founded SKY Properties, Inc. in 1997 to offer hands-on, boutique-level property management at a competitive price for multi- tenant property owners. Kari currently serves as a Board Member for the Apartment Association of Greater Los Angeles (AAGLA) as the Co-Chair of State Legislation.
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